Burberry shareholders oppose CEO Bailey's pay package
LONDON, July 11
LONDON, July 11 (Reuters) - Burberry chief executive officer Christopher Bailey's multi-million pound pay package was opposed by more than half of the share votes cast at the luxury goods company's annual shareholder meeting on Friday in a non-binding ballot.
Bailey, who is also chief creative officer, receives a salary of 1.1 million pounds ($1.9 million), plus an annual allowance of 440,000 pounds and a pension allowance of 30 percent of salary.
He is also eligible for a performance-based bonus and participation in the firm's executive share plans, any awards from which will vest from 2017. He was also granted a one-off performance-based award of 500,000 shares that will vest from 2017 to 2019, worth 7.3 million pounds at Thursday's prices.
Some 52 percent of share votes cast did not support the executive directors' remuneration report.
Chairman John Peace defended Bailey's pay at the meeting, saying it was comparable with the group's luxury group peers.
"We know the amount paid to Christopher is a lot of money but much of it is performance related," he said.
($1 = 0.5877 British Pounds) (Reporting by James Davey Writing by Paul Sandle; Editing by Mark Potter)